{"id":5607,"date":"2018-10-25T11:00:38","date_gmt":"2018-10-25T11:00:38","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=5607"},"modified":"2022-05-04T21:37:59","modified_gmt":"2022-05-04T21:37:59","slug":"singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/","title":{"rendered":"Singapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments"},"content":{"rendered":"
\"\"
Singapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments<\/figcaption><\/figure>\n

The Monetary Authority of Singapore (MAS) launched the world\u2019s first unified payment QR code\u2014The Singapore Quick Response Code (SGQR) in September 2018 to unify the country\u2019s QR payment network. The platform will not only accelerate QR payment adoption and acceptance in the country, but also set the standard for the rest of the region, says leading data analytics company GlobalData.<\/p>\n

The mobile payment process in Singapore is confusing due to the volume of different solutions available in the market. Consumers have to spend time looking for the logo of their chosen payment service provider.<\/p>\n

Arnie Cho, Financial Services Analyst at GlobalData, says: \u201cPayments using mobile phones were designed with efficiency in mind, but instead have become a hassle. Merchants are constantly asked if they accept specific mobile wallets; for a Hainanese chicken rice stall that becomes an extra few hundred annoying \u2018yes\/no\u2019 responses to customers throughout the day.\u201d <\/em><\/p>\n

SGQR combines 27 unique QR payment schemes including PayNow, NETS, GrabPay, Liquid Pay and Singtel DASH into a single label, making QR code-based mobile payments simple for both consumers and merchants. SGQR will be deployed progressively over the next six months.<\/p>\n

Cho adds: \u201cConsumers will no longer need to check whether their mobile wallet is accepted; merchants will not need to stipulate which individual schemes they accept; and the checkout area will be less cluttered, with only one QR code needing to be displayed.<\/em><\/p>\n

\u201cSGQR\u2019s ability to work across borders will build upon previous work in the region to facilitate cross-border payments, giving it significant utility in an international city like Singapore.\u201d<\/em><\/p>\n

\"\"
In 2017, Thailand and Singapore agreed to link up their instant payment systems PromptPay and PayNow, respectively, so consumers can transfer money directly using a telephone number at any time of day<\/figcaption><\/figure>\n

In 2017, Thailand and Singapore agreed to link up their instant payment systems PromptPay and PayNow, respectively, so consumers can transfer money directly using a telephone number at any time of day. Singapore is pursuing similar deals with other major markets such as China and India.<\/p>\n

Cho concludes: \u201cThe convenience brought by the unification of QR payment solutions under a single platform will accelerate adoption of mobile payments in the market among domestic consumers and most importantly should kick-start cross border mobile payment acceptance by merchants in the city. It will further grow mobile payments at a regional Association of Southeast Asian Nations level as well.\u201d <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Monetary Authority of Singapore (MAS) launched the world\u2019s first unified payment QR code\u2014The Singapore Quick Response Code (SGQR) in September 2018 to unify the country\u2019s QR payment network. The platform will not only accelerate QR payment adoption and acceptance in the country, but also set the standard for the rest of the region, says […]<\/p>\n","protected":false},"author":7,"featured_media":5609,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[25],"tags":[],"acf":[],"yoast_head":"\nSingapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"The Singapore Quick Response Code (SGQR) was launched in September 2018 to unify and boost the country\u2019s QR payment network\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments\" \/>\n<meta property=\"og:description\" content=\"The Singapore Quick Response Code (SGQR) was launched in September 2018 to unify and boost the country\u2019s QR payment network\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2018-10-25T11:00:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:37:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2018\/10\/qr-codes.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1380\" \/>\n\t<meta property=\"og:image:height\" content=\"877\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"Singapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments\",\"datePublished\":\"2018-10-25T11:00:38+00:00\",\"dateModified\":\"2022-05-04T21:37:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\"},\"wordCount\":433,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"articleSection\":[\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\",\"url\":\"https:\/\/www.footballthink.com\/singapores-sgqr-to-boost-domestic-and-cross-border-mobile-payments\/\",\"name\":\"Singapore\u2019s SGQR To Boost Domestic And Cross-Border Mobile Payments - 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